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Dealer Wants Car Back - Wants More Money Racine WI

When you sign a contract to buy with a loan, or to lease, the dealer attempts to find a finance company or bank that will approve you under the terms you agreed to in your contract. Somewhere in your contract or in a separate document, often called a bailment agreement, this condition is spelled.

Hanna Trailers Inc
(414) 762-7950
7575 S Howell Avenue
Oak Creek, WI
Services
Trailer Repair,Truck Parts,Auto Dealers,RV and Camper Dealers

Hugasian Motors
(262) 886-3937
9000 Durand Ave
Sturtevant, WI

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Guarenteed Auto Sales
(262) 652-3200
3116 22ND Ave
Kenosha, WI

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Frontier Fine Used Cars
(414) 282-2144
5150 S 27th St
Milwaukee, WI

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Foster Pontiac
(414) 282-5000
3636 S 27th St
Milwaukee, WI

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Dodgeland of Wisconsin
(414) 427-2000
6319 S 108th Street
Franklin, WI
Services
Clutch Repair,Fuel Injection Repair,Radiator Repair,Tune up Repair,Auto Dealers

Middle Town Motors
(262) 653-1074
3416 60th St
Kenosha, WI

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Autosource Motors Inc
(414) 483-9999
3210 E Layton Ave
Cudahy, WI

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Frontier Motor Cars
(414) 282-2144
5150 S 27th St
Milwaukee, WI

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Crazy Jim Groh Auto Inc
(414) 281-2400
5371 S 27th St
Milwaukee, WI

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Dealer Wants Car Back - Wants More Money

It happens every day. You buy or lease a car from a dealer. He calls you a few days or a couple of weeks later and wants his car back, or asks you to sign a new contract with higher payments. Is this a scam? Is it legal?

First, let's understand some fundamentals of car financing. Car dealers don't finance or lease cars. When you sign a contract to buy with a loan, or to lease, the dealer attempts to find a finance company or bank that will approve you under the terms you agreed to in your contract. Somewhere in your contract or in a separate document, often called a bailment agreement, this condition is spelled out.

Essentially, it says that you agree to let the dealer arrange your car financing on your behalf, and that, if he can't find a finance company or bank to approve you and accept your loan or lease, then the deal isn't final. In this case, you will either be asked to return your car, get a co-signer, or sign a new contract for new terms that are acceptable to a finance company the dealer has contacted. Most likely, the option to return your vehicle won't be mentioned because the dealer does not want to lose this deal.

This is perfectly logical since the dealer wants to paid for his car and if a finance company can't be found who will accept the deal and pay him, the car still belongs to the dealer.

We often get emails from consumers who are in this situation and they frequently ask if they can simply keep the car and refuse to sign a n...

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